Shapoorji Pallonji Group has launched its affordable housing brand – Joyville.
Joyville will provide affordable housing for families in the lower-income group and the middle-income group segment.
The business plan will focus on both tier-1 and tier-2 cities with project sizes in the range of 1.2 mn to 5 mn square feet.
In the first phase of its business plan, the proposal targets a development of 20 mn sq. ft. across the country, spanning cities such as Mumbai, Pune, NCR, Chennai, Kolkata, Bengaluru and Ahmedabad in the next 6-7 years. This initiative will include approximately 20,000 affordable residential housing units, to be built in accordance with green building principles.
VenkateshGopalkrishnan, Business Head – Joyville Shapoorji, said, “Affordable housing is distinct from the Indian high-end real estate market in terms of its market dynamics. We see a huge demand and need across the country for affordable homes. The Shapoorji Pallonji Group is well placed to take advantage of this opportunity due to our presence across the development value chain which will be critical in delivering effective quality and cost within stipulated timelines. This venture will also contribute to the Prime Minister’s ‘Housing For All’ mission of providing 20 million houses by 2020.”